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Pre-owned assets: Late elections

Where an individual is subject to an income tax charge under the pre-owned assets tax (POAT) rules it is possible to elect for the assets from which the benefits derive to be treated as forming part of their estate for inheritance tax purposes.

The time limit for such elections is currently 31 January following the year of assessment in which the POAT charge first arises. For those individuals who first became liable to the charge in 2005/2006 the deadline came and went on 31 January this year.



Date: 15th June, 2007
Author: Lisa Spearman


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